C722 Project Management Terminology – 150 Key Definitions on WBS, Critical Path, Agile, Earned Value | Western Governors University | 2025–2026

This document contains approximately 150 key project management terminology questions with verified answers designed to support students preparing for the C722 Project Management course at Western Governors University (WGU) for the 2025–2026 academic year. The material provides a structured glossary-style review of fundamental project management concepts, including project structure, planning frameworks, scheduling methods, budgeting techniques, risk management, and performance measurement tools. The content is organized in a clear question-and-answer format, making it an effective quick-reference study guide for students reviewing core terminology required for project management coursework and assessments. The document begins with foundational project management structure concepts. On page 1, the study guide defines a portfolio as a group of related programs that support long-term organizational goals, while a program is described as a collection of related projects working toward a common objective. A project itself is defined as a temporary activity or group of activities designed to produce a unique product, service, or result. The section also introduces the project charter, which authorizes the project and defines resources, roles, responsibilities, and scope. Another section reviews goal-setting and project constraints. The guide explains the SMART criteria—specific, measurable, attainable, relevant, and timely—which are used to define project objectives. It also introduces the triple constraint, consisting of cost (budget), schedule (time), and scope (deliverables), which must be balanced to ensure project success. The study material also discusses stakeholder and governance processes, including stakeholder analysis, which identifies project stakeholders, their interests, and communication needs. Governance oversight may involve a Change Control Board (CCB), a group responsible for reviewing and approving changes to project scope, schedule, or budget. Another important concept reviewed is the Work Breakdown Structure (WBS), described in the document as a hierarchical planning tool used to break a project into manageable tasks and deliverables. The WBS supports project planning activities such as cost estimation, time estimation, risk identification, and resource assignment. The guide also introduces major professional project management organizations, including the Project Management Institute (PMI), the Association for Project Management (APM) in the United Kingdom, and the International Project Management Association (IPMA). These organizations establish professional standards and best practices used globally in project management. Another section focuses on organizational structures used for project management, including functional organizations, projectized organizations, and matrix organizations. Functional organizations operate through departmental hierarchies, while projectized organizations centralize authority around project managers. Matrix structures combine both models but require coordination across departments. The study guide also reviews project selection and financial evaluation models. Several methods are introduced, including Return on Investment (ROI), Net Present Value (NPV), Internal Rate of Return (IRR), and payback period. These tools help organizations evaluate whether a proposed project will generate sufficient financial return. The document also explains project process groups and project phases. The major process groups include initiating, planning, executing, monitoring and controlling, and closing, while typical project phases include defining, planning, executing, and closing. Another key section focuses on project scheduling and planning tools. Students review tools such as Gantt charts, PERT charts, and network diagrams, which help visualize project schedules and task dependencies. The document also explains the Critical Path Method (CPM), used to determine the longest sequence of tasks that controls the total project duration. The guide also introduces modern project management methodologies, including Waterfall, Agile, Scrum, and PRINCE2. Agile project management uses iterative development cycles, while Scrum organizes work into short development periods called sprints, followed by retrospective meetings to review progress and improve team performance. Another section addresses scope management and change control, including concepts such as scope creep, which occurs when project scope expands without proper evaluation or approval. Project documentation tools such as the Statement of Work (SOW) and Requirements Traceability Matrix help track requirements and maintain alignment with project objectives. The study guide also explains risk management concepts, including the Risk Breakdown Structure (RBS), risk transfer, and opportunity enhancement strategies. Risks are typically tracked in a risk register, which documents potential threats to project success and planned responses. The material also provides extensive coverage of project cost estimation and budgeting techniques, including top-down estimation, bottom-up estimation, parametric estimating, and baseline budgeting. Budgeting concepts such as management reserve and cost of business (COB) are also discussed. Another major section reviews project scheduling relationships and dependencies, including finish-to-start, finish-to-finish, start-to-start, and start-to-finish relationships, as well as concepts such as lag time, float (slack), and resource leveling. The guide concludes with project performance measurement techniques, particularly Earned Value Management (EVM). Important metrics include Earned Value (EV), Planned Value (PV), Actual Cost (AC), Cost Variance (CV), and Schedule Variance (SV). Performance indexes such as Cost Performance Index (CPI) and Schedule Performance Index (SPI) are used to evaluate whether a project is performing within budget and schedule expectations. The content aligns closely with widely used project management standards such as the PMBOK Guide (Project Management Body of Knowledge) published by the Project Management Institute, which serves as a foundational framework for professional project management education. This study material may be relevant for students enrolled in courses such as: C722 Project Management Introduction to Project Management Project Planning and Scheduling Project Risk and Cost Management Agile Project Management Fundamentals It may also benefit students and professionals in programs such as: Business administration degree programs Information technology project management programs Operations management programs Project management certification preparation (CAPM or PMP) Because it compiles core project management terminology, scheduling techniques, risk management concepts, budgeting methods, and performance measurement tools into a structured glossary-style format, this document serves as a comprehensive terminology review resource for students preparing for WGU C722 project management exams and project management certification studies. Keywords wgu c722 project management terminology study guide, project charter stakeholder analysis work breakdown structure, triple constraint scope time cost project management, gantt chart pert chart network diagram scheduling tools, critical path method cpm project scheduling, agile scrum sprints retrospective project management, earned value management ev pv ac cpi spi, net present value internal rate return project evaluation, risk breakdown structure risk register project management, statement of work requirements traceability matrix project scope